A preliminary question as to a license fee by a municipality will always be whether the power to license has been granted. This is simply a question of statutory construction.1 "When a national or state license is in question the sole inquiry is whether the person, natural or artificial, falls within the terms of the act. This is also a question of statutory construction.2 As to licenses granted by cities, towns or counties, the implied limitation is that they shall be reasonable,3 in view of the fact that the power to license does not in such a case include the power to tax for revenue, unless expressly granted.4 The limitation on state licenses or taxation is that they may tax national banks only to the extent permitted by the national government,8 and foreign corporations, if they are not engaged in foreign or interstate commerce.6 The rule as to banks would be the same as to other corporations, but it is difficult to see how a bank could be engaged in interstate commerce.

1 See Sec. 9, ante, and Sec. 45, post.

2 Blaker v. Hood, 53 Kan. 499; Cummings v. Spannhorst, 5 Mo. App. 21.

3 See Sec. 25, ante, and see further Sec. 44, post.

1 Macon v. Macon Sav. Bank, 60 Ga. 133; Hinckley v. Belleville, 43 I11 483.

2 State v. Bank of Mansfield, 48

La. Ann. 1029; City of New Orleans v. New Orleans Sav. Inst., 32 La. Ann. 527; State v. Southern Bank, 31 La. Ann. 519; State v. Columbia, 6 Rich. 495; City of New Orleans v. New Orleans Banking Co., 32 La. Ann. 104; Warren v. Shook, 91 U. S. 704; Selden v. Equitable Trust Co., 94 U. S. 419.

Sec. 39. Limitations On Indebtedness

Various laws provide limitations as to the indebtedness of banks, both state and national, and limitations upon the indebtedness of individuals toward the bank. These regulations are no doubt perfectly legal. The effect of them, when violated, upon contracts has been shown,1 and their effect as fixing a civil responsibility upon the officers,2 as well as exposing the charter to forfeiture, will be later examined.3